<p>以太坊越来越成为寻求建立数字资产国库（DAT）的上市公司的首选资产。</p>
<p>根据 CoinGecko 的数据，目前六个国家的 27 个实体将 ETH 作为其 DAT 策略的一部分，合计占总供应量的约 5%，价值约为 177 亿美元。</p>
<p>BitMine 仍然是这一领域的领先上市实体，并已开始调整其战略，以适应资本部署的更广泛转变。</p>
<h2><strong>扩展质押策略</strong></h2>
<p>BitMine Immersion Technologies Inc.，作为最大的上市以太坊持有者，采用了一种新方法，通过质押部分 ETH 持有量。</p>
<p>在 12 月 27 日，该公司将 154,176 ETH（价值约 4.51 亿美元）投入到两个不同的质押轮次中。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/G9JUHSLa4AAtyYJ.png-large.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/G9JUHSLa4AAtyYJ.png-large.png"/></p>
<p>来源：Arkham Intelligence</p>
<p>质押允许投资者将其资产锁定在智能合约中，以帮助保护区块链，同时以费用的形式产生奖励。</p>
<p>通过这一策略，BitMine 可以在其持有的资产上赚取收益，随着公司面临约 35 亿美元的 ETH 购买未实现损失，这可能有助于缓解资产负债表的压力。</p>
<h2><strong>雄心勃勃的收购计划正在进行</strong></h2>
<p>尽管面临这些损失，BitMine 并没有放慢脚步的迹象。</p>
<p>截至发稿时，该公司控制了以太坊流通供应量的约 3.369%，相当于超过 400 万 ETH，价值约 119.24 亿美元。</p>
<p>然而，BitMine 的雄心远不止于此，计划收购价值高达 58.8 亿美元的额外 ETH，以达到总供应量的 5%。</p>
<p>首席执行官 Tom Lee 表示，</p>
<blockquote>
<p>“我们正在快速朝着 ‘5% 炼金术’ 的目标迈进，并且已经看到了我们大量 ETH 持有带来的协同效应。我们是将华尔街的动向通过代币化连接到区块链的关键实体。”</p>
</blockquote>
<p>他强调了公司对支持以太坊去中心化金融生态系统的承诺，这一立场与其最近的质押决定相一致。</p>
<p>随着额外的 1.63% 以太坊供应（价值约 58.8 亿美元）仍在进行中，BitMine 可能进一步增加其质押曝光，可能在这一领域投入高达 10 亿美元。</p>
<p>然而，并非所有机构投资者都在跟随 BitMine 的步伐。</p>
<p>SharpLink，第二大上市以太坊持有者，截至 12 月 27 日，已解除质押价值 1.044 亿美元的 ETH，尽管没有确认该公司在公开市场上出售这些资产。</p>
<h2><strong>更广泛的机构格局</strong></h2>
<p>与此同时，更广泛的机构情绪似乎正在减弱。</p>
<p>CoinGlass 的数据表明，在最近的三天内，价值 1.649 亿美元的持有资产被出售，显示出机构参与者持续的资金流出。</p>
<p>尽管如此，机构仍然控制着市场的显著份额，管理的资产约为 170.5 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-27-at-1.58.48PM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-27-at-1.58.48PM.png"/></p>
<p>来源：CoinGlass</p>
<hr/>
<h2><strong>最后的思考</strong></h2>
<ul>
<li><em>BitMine 在以太坊质押上加大了投入，承诺投入 4.51 亿美元，此举是在面临 35 亿美元未实现损失之后的决定。</em></li>
<li><em>该公司还计划进一步扩大其以太坊持有量，未来将有高达 57 亿美元的 ETH 用于购买。</em></li>
</ul>

BMNR

<p>BitMine Immersion Technologies Inc. 是最大的上市以太坊（ETH）持有者，已质押 154,176 个 ETH，价值 4.51 亿美元。尽管面临 35 亿美元的未实现损失，BitMine 计划再收购高达 58.8 亿美元的 ETH，以达到总供应量的 5%。首席执行官汤姆·李强调了公司对以太坊去中心化金融生态系统的承诺。与此同时，其他机构投资者如 SharpLink 正在减少其 ETH 持有量</p>

<p>Ethereum has increasingly become a go-to asset for public companies seeking to build digital asset treasuries (DATs).</p>
<div class="lb-trans"><p>以太坊越来越成为寻求建立数字资产国库（DAT）的上市公司的首选资产。</p>
</div><p>According to CoinGecko, 27 entities across six countries now hold ETH as part of their DAT strategies, collectively accounting for about 5% of the total supply, valued at roughly $17.7 billion.</p>
<div class="lb-trans"><p>根据 CoinGecko 的数据，目前六个国家的 27 个实体将 ETH 作为其 DAT 策略的一部分，合计占总供应量的约 5%，价值约为 177 亿美元。</p>
</div><p>BitMine remains the leading public entity in this category and has begun adjusting its strategy as part of a broader shift in capital deployment.</p>
<div class="lb-trans"><p>BitMine 仍然是这一领域的领先上市实体，并已开始调整其战略，以适应资本部署的更广泛转变。</p>
</div><h2><strong>Expanding strategy into staking</strong></h2>
<div class="lb-trans"><h2><strong>扩展质押策略</strong></h2>
</div><p>BitMine Immersion Technologies Inc., the largest publicly traded holder of Ethereum [ETH], has adopted a new approach by staking a portion of its ETH holdings.</p>
<div class="lb-trans"><p>BitMine Immersion Technologies Inc.，作为最大的上市以太坊持有者，采用了一种新方法，通过质押部分 ETH 持有量。</p>
</div><p>On the 27th of December, the company deployed 154,176 ETH—valued at approximately $451 million—into staking across two separate rounds.</p>
<div class="lb-trans"><p>在 12 月 27 日，该公司将 154,176 ETH（价值约 4.51 亿美元）投入到两个不同的质押轮次中。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/G9JUHSLa4AAtyYJ.png-large.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/G9JUHSLa4AAtyYJ.png-large.png"/></p>
<p>Source: Arkham Intelligence</p>
<div class="lb-trans"><p>来源：Arkham Intelligence</p>
</div><p>Staking allows investors to lock their assets into smart contracts that help secure the blockchain while generating rewards in the form of fees.</p>
<div class="lb-trans"><p>质押允许投资者将其资产锁定在智能合约中，以帮助保护区块链，同时以费用的形式产生奖励。</p>
</div><p>Through this strategy, BitMine can earn yield on its holdings, potentially helping to ease balance-sheet pressure over time as the company grappled with roughly $3.5 billion in unrealized losses from its ETH purchases.</p>
<div class="lb-trans"><p>通过这一策略，BitMine 可以在其持有的资产上赚取收益，随着公司面临约 35 亿美元的 ETH 购买未实现损失，这可能有助于缓解资产负债表的压力。</p>
</div><h2><strong>Ambitious acquisition plans are in play</strong></h2>
<div class="lb-trans"><h2><strong>雄心勃勃的收购计划正在进行</strong></h2>
</div><p>Despite these losses, BitMine showed no signs of slowing down.</p>
<div class="lb-trans"><p>尽管面临这些损失，BitMine 并没有放慢脚步的迹象。</p>
</div><p>The company controlled approximately 3.369% of Ethereum’s Circulating Supply at press time, amounting to just over 4 million ETH valued at roughly $11.924 billion.</p>
<div class="lb-trans"><p>截至发稿时，该公司控制了以太坊流通供应量的约 3.369%，相当于超过 400 万 ETH，价值约 119.24 亿美元。</p>
</div><p>However, BitMine’s ambitions extend far beyond this, with plans to acquire up to $5.88 billion worth of additional ETH to reach 5% of the total supply.</p>
<div class="lb-trans"><p>然而，BitMine 的雄心远不止于此，计划收购价值高达 58.8 亿美元的额外 ETH，以达到总供应量的 5%。</p>
</div><p>CEO Tom Lee said,</p>
<div class="lb-trans"><p>首席执行官 Tom Lee 表示，</p>
</div><blockquote>
<p>“We are making rapid progress toward the ‘alchemy of 5%’ and are already seeing the synergies from our substantial ETH holdings. We are a key entity bridging Wall Street’s move onto the blockchain through tokenization.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“我们正在快速朝着 ‘5% 炼金术’ 的目标迈进，并且已经看到了我们大量 ETH 持有带来的协同效应。我们是将华尔街的动向通过代币化连接到区块链的关键实体。”</p>
</blockquote>
</div><p>He emphasized the company’s commitment to supporting Ethereum’s decentralized finance ecosystem, a stance that aligns with its recent staking decision.</p>
<div class="lb-trans"><p>他强调了公司对支持以太坊去中心化金融生态系统的承诺，这一立场与其最近的质押决定相一致。</p>
</div><p>With an additional 1.63% of Ethereum supply—worth about $5.88 billion—still in play, BitMine could further increase its staking exposure, potentially deploying up to $1 billion into this segment.</p>
<div class="lb-trans"><p>随着额外的 1.63% 以太坊供应（价值约 58.8 亿美元）仍在进行中，BitMine 可能进一步增加其质押曝光，可能在这一领域投入高达 10 亿美元。</p>
</div><p>However, not all institutional players are following BitMine’s lead.</p>
<div class="lb-trans"><p>然而，并非所有机构投资者都在跟随 BitMine 的步伐。</p>
</div><p>SharpLink, the second-largest publicly traded Ethereum holder, unstaked $104.4 million worth of ETH as of the 27th of December, though there’s no confirmation the company sold these assets on the open market.</p>
<div class="lb-trans"><p>SharpLink，第二大上市以太坊持有者，截至 12 月 27 日，已解除质押价值 1.044 亿美元的 ETH，尽管没有确认该公司在公开市场上出售这些资产。</p>
</div><h2><strong>Broader institutional landscape</strong></h2>
<div class="lb-trans"><h2><strong>更广泛的机构格局</strong></h2>
</div><p>Meanwhile, broader institutional sentiment appears to be weakening.</p>
<div class="lb-trans"><p>与此同时，更广泛的机构情绪似乎正在减弱。</p>
</div><p>Data from CoinGlass showed that $164.9 million worth of holdings were sold over a recent three-day period, pointing to sustained outflows among institutional participants.</p>
<div class="lb-trans"><p>CoinGlass 的数据表明，在最近的三天内，价值 1.649 亿美元的持有资产被出售，显示出机构参与者持续的资金流出。</p>
</div><p>Even so, institutions still control a significant share of the market, with approximately $17.05 billion in assets under management remaining within this segment.</p>
<div class="lb-trans"><p>尽管如此，机构仍然控制着市场的显著份额，管理的资产约为 170.5 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-27-at-1.58.48PM.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-27-at-1.58.48PM.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>来源：CoinGlass</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最后的思考</strong></h2>
</div><ul>
<li><em>BitMine has doubled down on Ethereum staking, committing $451 million, a move that follows $3.5 billion in unrealized losses.</em></li>
<li><em>The company also plans to expand its Ethereum holdings further, with up to $5.7 billion worth of ETH earmarked for future purchases.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>BitMine 在以太坊质押上加大了投入，承诺投入 4.51 亿美元，此举是在面临 35 亿美元未实现损失之后的决定。</em></li>
<li><em>该公司还计划进一步扩大其以太坊持有量，未来将有高达 57 亿美元的 ETH 用于购买。</em></li>
</ul>
</div>

BitMine 通过 4.51 亿美元的质押行动进一步加大对以太坊的投资——详情